FHA Loan Calculator

Calculate your FHA loan payment with accurate MIP calculations. Understand the true cost of your FHA mortgage including upfront and annual mortgage insurance premiums.

Loan Details
The total purchase price of the home you're buying.
Minimum 3.5% down payment required for 580-619 credit score.
Credit scores 500-579 require 10% down. Scores 580+ need only 3.5% down.
The annual interest rate from your FHA-approved lender.
15-year loans have lower MIP rates but higher monthly payments.
Monthly Costs
Estimated yearly property taxes, paid monthly with your mortgage.
Yearly homeowners insurance premium, often escrowed monthly.
Monthly homeowner association dues, if applicable.
FHA Options
Most borrowers finance the 1.75% upfront MIP into their loan to reduce cash needed at closing.
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Enter your FHA loan details above and click Calculate FHA Payment to see your monthly payment with MIP breakdown.

Understanding FHA Loans and MIP

FHA loans are government-backed mortgages designed to help first-time homebuyers and those with lower credit scores achieve homeownership. Unlike conventional loans, FHA loans have unique mortgage insurance requirements that affect your monthly payment.

What is FHA MIP?

FHA Mortgage Insurance Premium (MIP) has two components:

  • Upfront MIP (UFMIP): A one-time fee of 1.75% of the base loan amount. Most borrowers finance this into their loan.
  • Annual MIP: An ongoing premium of 0.15% to 0.75% of the loan amount, paid monthly. The rate depends on your loan term, loan-to-value ratio, and loan amount.

FHA vs. Conventional PMI

Unlike conventional PMI which can be removed at 20% equity, FHA MIP has different rules:

  • With less than 10% down, MIP is required for the life of the loan
  • With 10% or more down, MIP can be removed after 11 years
  • The only way to eliminate FHA MIP earlier is to refinance to a conventional loan

Credit Score Requirements

FHA loans are more flexible than conventional loans for credit scores:

  • 500-579: Requires 10% down payment minimum
  • 580+: Qualifies for 3.5% down payment minimum

Mortgage Payment Calculator

Calculate conventional mortgage payments with PMI, taxes, and insurance breakdown.

How Much House Can I Afford?

Determine your maximum home price based on income, debts, and the 28/36 rule.

Rent vs Buy Calculator

Compare the true cost of renting versus buying including equity building and tax benefits.

Frequently Asked Questions

What is FHA Mortgage Insurance Premium (MIP)?

FHA MIP is insurance that protects the lender if you default. It has two parts: Upfront MIP (1.75% of the loan, usually financed) and Annual MIP (0.15%-0.75% of the loan, paid monthly). Unlike conventional PMI, FHA MIP is required regardless of down payment amount.

How long do I pay FHA MIP?

If your down payment is less than 10%, you pay MIP for the life of the loan. If your down payment is 10% or more, MIP can be removed after 11 years of payments.

What credit score do I need for an FHA loan?

FHA loans accept credit scores as low as 500. With a score of 580 or higher, you need only 3.5% down. With a score of 500-579, you need 10% down.

What are the 2026 FHA loan limits?

For 2026, the FHA loan limit floor (low-cost areas) is $541,287 and the ceiling (high-cost areas) is $1,249,125. Actual limits vary by county.

Should I finance the upfront MIP?

Most borrowers finance the 1.75% upfront MIP into their loan to reduce cash needed at closing. However, this increases your loan balance and total interest paid. If you have the cash, paying it upfront saves money long-term.

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